Mortgage Loans Held for Sale (Tables)

6 Months Ended

Jun. 30, 2025

Mortgage Loans Held for Sale and Investment [Abstract]

Schedule of mortgage loans held-for-sale

Mortgage loans held for sale are recorded at fair value as set forth below:

Mortgage Loans Held for Sale	June 30, 2025		December 31, 2024
Mortgage loans held for sale – UPB	$	2,419	$	2,187
Mark-to-market adjustment(1)	56		24
Total mortgage loans held for sale	$	2,475	$	2,211

(1)The mark-to-market adjustment includes net change in unrealized gain/loss, premium on correspondent loans and certain fees on direct-to-consumer loans. The mark-to-market adjustment is recorded in “revenues - net gain on mortgage loans held for sale” in the condensed consolidated statements of operations.

The following table sets forth the activities of mortgage loans held for sale:

	Six Months Ended June 30,
Mortgage Loans Held for Sale	2025		2024
Balance - beginning of period	$	2,211	$	927
Loans sold (at carrying value) and loan payments received	(18,565)		(6,923)
Mortgage loans originated and purchased, net of fees	17,844		6,786
Repurchase of loans out of Ginnie Mae securitizations(1)	947		744
Net change in unrealized gain on retained loans held for sale	40		6
Net transfers of mortgage loans held for sale(2)	(2)		(1)
Balance - end of period	$	2,475	$	1,539

(1)The Company has the optional right to repurchase any individual loan in a Ginnie Mae securitization pool if that loan meets certain criteria, including being delinquent greater than 90 days. The majority of Ginnie Mae repurchased loans are repurchased in connection with loan modifications and loan resolution activity, with the intent to re-pool into new Ginnie Mae securitizations upon re-performance of the loan or to otherwise sell to third-party investors. Therefore, these loans are classified as held for sale.

(2)Amounts reflect transfers to other assets for loans transitioning into REO status and transfers to advances and other receivables, net, for claims made on certain government insurance mortgage loans. Transfers out are net of transfers in upon receipt of proceeds from an REO sale or claim filing.

The total UPB and fair value of mortgage loans held for sale on non-accrual status was as follows:

	June 30, 2025				December 31, 2024
Mortgage Loans Held for Sale	UPB		Fair Value		UPB		Fair Value
Non-accrual(1)	$	49	$	41	$	47	$	38

(1)Non-accrual UPB includes $44 and $38 of UPB related to Ginnie Mae repurchased loans as of June 30, 2025 and December 31, 2024, respectively.